Report: US Tax Dollars Funding Exhorbitant CEO Pay

[xchrom]

http://www.commondreams.org/headline/2012/08/16-6



While austerity hits everyday Americans, seemingly scarce tax dollars are being squeezed from their pockets to fund exorbitant CEO pay, according to a report released Thursday from the Institute for Policy Studies (IPS).

According to the thinktank's 19th consecutive Executive Excess report, The CEO Hands in Uncle Sam's Pocket, "Our nation’s tax code has become a powerful enabler of bloated CEO pay."

For example, the report states that "26 U.S. corporations last year gave their CEO more than they paid in taxes to Uncle Sam." The CEOs at those corporations received a staggering $20.4 million in average total compensation -- a 23% increase above the previous year.

Among the CEOs detailed in IPS's report are these five who received more in compensation than their corporations paid in federal income tax:


Name of CEO Corporation 2011 CEO Compensation 2011 Federal Income Tax Bottom Line for Corporation

Vikram Pandit Citigroup $14.9 million $144 million refund

Miles D. White Abbott Laboratories $19.0 million $586 million refund

Randall Stephenson AT&T $18.7 million $420 million refund

James McNerney Boeing $18.4 million $605 million refund

Robert Benmosche American International Group $13.9 million $208 million refund

Aubrey McClendon Chesapeake Energy $17.9 million $13 million payment

[n2doc]

1. Make the corp tax rate 100% for exec compensation

No deductions. And make the top tax rate 50%, no deductions on amounts over 1 mil.

[xchrom]

2. Kick